Adaro warms up investors

Indonesian coal miner helps revive Asian high yield sector.

Early Friday morning December 1, Joint leads Goldman Sachs and JPMorgan priced an upsized $400 million five-year senior secured bond deal for Indonesian Coal producer, PT Adaro.

The Reg S144A deal priced in line with guidance at 99.005% on a coupon of 8.5%, to yield at 8.75% equivalent to 430bp over US Treasuries. Fees were a healthy 112.5bp.

The deal was heavily oversubscribed, closing with a $1.75 billion order...

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